Piramal Glass Co. revenue up in 1stQ 2021/22
View(s):Piramal Glass Ceylon PLC has reported a turnover of Rs. 1,876 million in the first quarter ending June 2021, up from Rs. 1,330 million in the same quarter last year, the company said in a statement this week.
Domestic sales during the quarter grew by 36 percent from Rs. 937 million to Rs. 1,275 million. It said the financial year started on a positive note with the festive season round the corner; however due to the third wave of COVID-19 there were travel restrictions and lockdowns to prevent the spread of the virus, leading to lower demand in the domestic market.
Export revenues grew by 53 percent to Rs. 601 million during the quarter under review compared to Rs. 393 million in the corresponding period last year. “The global scenario of rising sea freight, restricted availability of containers and vessel space affected the export sales. The company witnessed a similar lockdown situation in the previous year with negative impact on production and sales; however this year during the first quarter, the company was able to maintain 100 percent capacity utilisation,” the statement added.
Profit after tax stood at Rs. 235 million for the quarter under review as against a loss of Rs. 44 million during the similar period of last year, it said.
Sanjay Jain, ED & COO, said: “The company is aggressively exploring new international markets for its products in speciality the liquor and premium water bottle segment. The strategy to innovate in new product design and development, with increased global footprint has helped the company effectively mitigate demand fluctuations in its existing markets due to the pandemic situation.”